The Strategist

Global art market exceeds pre-pandemic levels

03/30/2022 - 09:20

According to the annual joint research of the Swiss bank UBS and the Art Basel exhibition, the global art market in 2021 will be much higher than in 2020, surpassing the pre-pandemic year of 2019.

Ryan McGuire of Bells Design via flickr
Ryan McGuire of Bells Design via flickr
In 2021, the market volume was $65.1 billion, up 29% from 2020 and $0.7 billion from the previous year. Art Basel and UBS' own estimates of the turnover of several dozen of the world's major galleries, as well as a poll of roughly 2,000 wealthy collectors in the United States, Europe, and Asia, are used to compile the study.

With a 43 percent share of the worldwide art market, the United States remains the most important region. China finished in second with 20% of the vote, putting the United Kingdom in third place with 17%. The French market saw the most substantial growth in 2021, with a 50 percent increase.

Art dealers remain the most popular sales channel in the industry; 76 percent of surveyed collectors purchased art from them in the previous year, with the balance purchasing art through various internet channels. Last year, NFT art sales totaled $2.6 billion, representing a 100-fold growth over the previous year.